OVERLAND PARK, Kan.--Sifto Canada Corp., a subsidiary of Compass Minerals (NYSE: CMP), today announced it has acquired the rights to additional property in Goderich, ON, adjacent to the company's Canadian salt mine for CA $2.8 million.
Over the past several years we've been strategically investing in this advantaged asset in order to increase and improve our operational capabilities, and this new land provides us with additional low-cost storage capacity to better serve our customers and provide us logistical flexibilities.
The Goderich mine is strategically important to the company, to the Goderich community and to the many people who depend on our highway deicing salt to provide safer driving conditions in winter weather, said Angelo Brisimitzakis, president and CEO of Compass Minerals. Over the past several years we've been strategically investing in this advantaged asset in order to increase and improve our operational capabilities, and this new land provides us with additional low-cost storage capacity to better serve our customers and provide us logistical flexibilities.
The additional land and ship berth also gives the company the opportunity to increase ship-loading capabilities in the future, Dr. Brisimitzakis said.
Additional profitable growth initiatives at the mine include:
- An agreement with the town of Goderich and the Goderich Port Management Corporation to expand and enhance the Port of Goderich, which will provide additional rock salt storage and expanded shipping capabilities;
- Introduction of continuous mining equipment and processes that improve productivity; and
- Our recently completed multi-phased mine expansion, which expanded annual capability from about 6.5 million tons to about 9 million tons.
While the August tornado caused damage to both our mine and Goderich mechanical evaporation plant, it didn't cause us to lose any long-term focus, Dr. Brisimitzakis said. The hard work, dedication and can-do spirit of our employees helped us safely overcome the tornado damages, and we're coming back, stronger than ever.
About Sifto Canada Corp.
Sifto Canada Corp. operates the world's largest rock salt mine in Goderich, Ontario, and is Canada's leading provider and marketer of highway and consumer deicing salt. Sifto also is a premier provider of high-quality food salt, water care minerals, agricultural minerals, and many other consumer and industrial salt and mineral products. Sifto is a wholly owned subsidiary of Compass Minerals. For more information, visit www.siftocanada.com.
About Compass Minerals
Based in the Kansas City metropolitan area, Compass Minerals is a leading producer of minerals, including salt, sulfate of potash specialty fertilizer and magnesium chloride. The company provides highway deicing salt to customers in North America and the United Kingdom and specialty fertilizer to growers worldwide. Compass Minerals also produces consumer deicing and water conditioning products, ingredients used in consumer and commercial foods, and other mineral-based products for consumer, agricultural and industrial applications. Compass Minerals also provides records management services to businesses throughout the U.K. For more information, visit www.compassminerals.com.